The battle of the construction companies to secure road works’ contracts in the first seven months of the year became stronger, with only two companies undertaking half of the €76 million for which the contracts were signed this year. According to figures released for the first time by StockWatch today, the twenty construction and maintenance road works were shared out to thirteen construction companies, among which there were three CSE-listed too.

Until early August, the biggest share in the sums of the contracts that were signed was held by Miltiades Neophytou Ltd. This is entirely linked to the contract of €21.5 million for the widening of the interchange off GSP.

Most contracts for projects of €13.1 million were undertaken by Iacovou Brothers and its associated Iacovou Brothers Construction. It is about projects concerning the improvement of the Northern Paphos by-pass (€5.5 million), the construction of the road in Dali industrial area to Vathia Gonia (€2.7 million), the periodical maintenance of A3 highway (€2.8 million), the asphalt pulp of A3 highway (€0.7 million) and the periodical maintenance of Limassol municipality (€2.9 million – joint venture with Cybarco).

Iacovou Brothers together with Cybarco won the tender for the construction of 6 lanes in Alampra road of €32.4 million, which has not been finalized yet due to an appeal on behalf of the unsuccessful bidders.


Lois Builders Ltd, Phoenix Construction and Egodinamiki Patron joint venture signed a contract of €11.3 million for the improvement of Paralimni – Derinia road. It is the second biggest contract signed this year, after that of GSP interchange.

Contracts of €5.3 million were safeguarded by Medcon, which undertook the periodical maintenance of Limassol municipal limits (€1.5 million) and the construction of the access road network to Ayia Napa marina (€2.6 million). Together with Nemesis, Medcom also undertook the occasional maintenance of A1 and A6 highways against the sum of €2.5 million.

Panayides Contracting signed the contract for the first phase of the improvement of Platres – Prodromos road of €3.4 million. Along with Charilaos Apostolides, Panayides will also participate in the periodical maintenance of Nicosia municipality (€3.8 million).

Apart from the joint venture with Medcon for the highways, Nemesis Constructions undertook the contract for the periodical maintenance of the roads in Paphos municipality (€1.9 million), while its associated Nemesis Asphalt the periodical maintenance of the roads in Nicosia municipality (€1.8 million).

Cybarco secured the periodical maintenance of A1, A2 and A9 highways.

Charilaos Apostolides signed a contract of €1.7 million for the construction of the connection of part of Potamianou Road with Spyros Kyprianou Avenue in Limassol and together with Panayides it undertook the periodical maintenance of the Nicosia municipality roads.

Kasinos Construction undertook the armouring of the seafront and the seawall in Polis Chrysohous of €3 million and the anti-erosion armouring and protection of the seaside road in Potima, Paphos.

Hadjichristofi Constructions signed a contract of €1.9 million for the second phase of construction of Dali - Old Nicosia-Limassol Road.

Finally, Loizos Iordanou signed a contract of €1.1 million for the connection of the Atios Athanasios roundabout with Anakodomiseos Avenue.